03:16 PM EDT, 10/08/2024 (MT Newswires) -- Gartner's ( IT ) external data points paint a mixed picture of the company's possible Q3 contract value growth figures, UBS said in an earnings preview emailed Tuesday.

Gartner's ( IT ) management expects Q3 contract value growth to clock in just below the Q2 level of 7.4%, while buyside expectations range from 7.1% to 7.6%.

Further still, the consensus for the quarter is a growth of 7.4%, which "clearly shows a mix of views," UBS said.

"While management/industry tone intra-quarter was relatively positive, the mixed external data is giving us some pause," UBS said.

According to the firm's research, external data points point to a drop in monthly unique visitors to Gartner.com during July and August, while accelerated tech industry job cuts during the quarter could also weigh on results.

UBS said its view on Q3 was "skewing toward the lower-end of expectation" as it forecasts Q3 contract value growth of 7.2% for the period.

The firm also lowered its 2024 earnings per share estimate to $11.82 from $11.86 and 2025 forecast to $12.94 from $12.98.

UBS had a buy rating on the stock with a 12-month price target of $580.

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